Blockchain Market Expected to Reach $5,430 Million Globally by 2023

Allied Market Research, a market research and business-consulting wing of Allied Analytics LLP, published a new report. According to “Blockchain Distributed Ledger Market by Type and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the Global Blockchain Distributed Ledger Market accounted for $228 million in 2016, and is expected to reach $5,430 million by 2023, growing at a CAGR of 57.6% from 2017 to 2023. In this, North America accounted for the most revenue, with Europe coming in second.

Factors that resulted in this growth were noted as including minimal transaction fees for blockchain apps, removal of third parties from transactions, and more security to combat fraud and identity theft. The report found that private blockchain are the leading segment in the global market. This is expected to continue, although public blockchain is also expected to grow significantly.

 

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